Long-distance tenancy agreements 'need proper management'

Given that landlords letting out property in different areas of the country are relatively commonplace, the Association of Residential Letting Agents (ARLA) says that this situation is likely to carry on increasing in the future as initiatives such as let-to-buy become more popular.

As such, the organisation has produced a number of guidelines to aid investors considering long-distance tenancy agreements in locations about which they may have very little knowledge, hoping to promote responsible and well-informed decision making.

Many property owners will already be well versed in the importance of insurance for landlords as a vital way of protecting their holdings, but other aspects such as checking tenant references, compiling a detailed inventory and making adequate provisions for the holding of spare keys - usually with a property agent - are also emphasised.

Ian Potter, operations manager at ARLA, said: "Letting through a professional, local agent can be the best first step to ensuring your property is efficiently managed and as hassle-free as possible."

In this respect, investors do not have to deal directly with tenants who are occupying one of their holdings in another part of the country, as property management services are able to handle the vast majority of transactions and business.

Checking references is also highlighted as being key to people who are considering long-distance letting investments, as logistics mean they are unlikely to meet their tenants and assess them personally before agreeing to a deal.

ARLA's research shows that in London, the number of properties in the private rented sector is almost double that of the number of landlords residing in the city.

With this in mind, letting out property in another city is by no means a new idea, and the organisation's advice is designed to make sure those that do so take the right steps when it comes to guaranteeing the safety and profitability of their investment.